HomeMy WebLinkAboutR-1963-21
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RESOLUTION NO.
21-63
STATE OF TEXAS
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COUNTY OF HARRIS
RESOLUTION AUTHORIZING THE CITY OF lA PORTE TO BORROW THE SUM OF FIFTY-FOUR
THOUSAND, ONE HUNDRED TEN AND 73/100 DOLlARS ($54,110.73), TO BE EVIDENCED
BY TAX ANTICIPATION NOTE PAYABLE OUT OF CURRENT TAXES COLLECTED DURING THE
FISCAL YEAR BEGINNING JULY 1, 1963 and ENDING JUNE 30, 1964.
WHEREAS, it has been determined by the City Commission of the
City of La Porte that a necessity exists to borrow the sum of FIFTY-FOUR
THOUSAND, ONE HUNDRED TEN AND 73/100 DOLLARS ($54,110.73), and. that the
anticipated current revenue from ad valorem taxes will amount to approximately
TWO HUNDRED NINETY-FIVE THOUSAND, EIGHT HUNDRED SIX AND NO/100 Dollars
($295,806.00); and
WHEREAS, the La Porte State Bank at La Porte, Texas, has agreed
tomake the City a loan in said s~ to be paid with three per cent (3%) per
annum interest thereon, on or before the 15th day of February, 1964; and
WHEREAS, the City will have current revenues from the collection
of said taxes available and sufficient to pay said obligation at maturity;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF LA PORTE, TEXAS, that the Mayor and the City Clerk (Director of Finance)
be authorized to issue a promissory note of the City of La Porte, to be designated
"Tax Anticipation Note for the Fiscal Year Beginning July 1, 1963 and ending
June 30, 1964", such note to be in the principal sum of FIFTY-FOUR THOUSAND,
ONE HUNDRED TEN AND 73/100 DOLLARS ($54,110.73), to bear interest at the rate
of three per cent (3%) per annum until maturity, with the usual provision for
interest at the rate of six per cent (6%) per annum on past due principal and
interest and ten per cent (10%) attorney's fees, such note to be due and payable
on or before the 15th day of February, 1964, that said note be sold by the City
of La Porte to the La Porte State Bank at La Porte, Texas, at not less than par
value. When such note has been duly executed by the Mayor and City Clerk and
delivered to said bank, with a copy of this resolution, such indebtedness thereby
evidenced shall be fully binding upon the City; and
BE IT FURTHER RESOLVED that the City of La Porte hereby appropriates
and set aside the sum of $54,110.73 out of the current revenues from the collection
of ad valorem taxes for the payment of such indebtedness.
AND IT IS SO ORDERED.
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; ~solution No. 21-63
Page 2 of 2
APPROVED AND PASSED this the
1st
day of
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JuLy
, 1963, by the City Commission.
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Y __:"c ATTEST:., -. ..
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City Clerk of the City of La Porte, Texas
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TAX ANTICIPAtION NOtB
FOR THE YEAR 1963 ~ 1964
FISCAL BAR BEGINNING
JULY 1. 1963. ENDING JUNE 30. 1964
$54.110.73
JULY 2. 1963
The City of La porte, Texas acting by and through its duly
autho~l.ed officers, for value received, promises to pay to tbe order
of the La Porte State Ba\'lk at La Porte, Texas, the sum of Fifty.Four
Thousand, One Hundrea. Ten and 73/100 Dollars ($54,110.73), with interest
at the rate of three per eent (3'%.) per annum, on or before the 15tb day
of February, 1964.
-All past clue principal.. and interest shall ~ar interest at
the rate of si~ per cent (61) per annum.
It 1& hereby specially agreed that if tbis note is placed in
the hands of an attorney for collection, or if collected by suit or
through the probate or Bankruptcy Court, we agree. to pay ten per cent
(10%) edditloQal Oft the principal and interest then due hereon, as
attorney- s lees.
A copy of the Resolution authorizing the borrowing of the
sum of Fifty.rour Thousand, One Hundred Ten and 73/100 Dollars
($54,110.13) and tbe issuance of this note is bereto attac;:hed.
CITY or LA PORm, TEXAS
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BY:
Mayor of the City of
A'lTBST:
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City Clerk of the City of La Porte, Teus